Dogecoin has become an important cryptocurrency for its growing adoption among merchants and popularization by Tesla CEO Elon Musk. Musk has been vocal about the token. His company Tesla added it as a payment option for selected products at the start of the year.
AMC Theatres is another major retailer that recently accepted DOGE for payments. With the positive uptake, DOGE has remained on an upward trajectory amid crypto volatility.
What is Dogecoin?
Dogecoin is an open-source digital meme token that features the famous Shiba Inu dog as a mascot. Jackson Palmer unveiled the project on Twitter in 2013. Palmer tweeted about investing in Dogecoin, a then imaginary currency. The idea went viral, leading to the creation of the token. Dogecoin is secured through the proof-of-work consensus mechanism with the scrypt hash function. The scrypt algorithm was built to guard against security attacks.
Dogecoin was created as a fork of Litecoin in December 2013, with Billy Markus and Jackson Palmer as the key contributors. Dogecoin foundation was re-launched in 2021 to advance the protocol’s development. The foundation has attracted industry experts who are shaping the future of the token. DOGE’s initial use case was as a tipping currency on Twitter and Reddit, where users were rewarded for creating and sharing memes.
If you are looking for DOGE price prediction for 2022-2025, look no further. We will look at the current pricing to see what to expect from future changes.
Dogecoin: should you invest in DOGE today?
Dogecoin is not an ideal investment opportunity for short-term gains. The daily price chart shows that the asset faces bearish pressure. The token is trading below $0.1941, a critical resistance level. The Bollinger Bands show a downtrend movement of the token. The indicator is overextended with the price touching the upper band and approaching the moving average. There is no indication of a trend continuation with the price below the upper band, and we could see the price go lower.
The momentum indicator, moving average divergence convergence, shows a weak signal because the indicator is close to the zero line. This further indicates some indecision among investors, which reduces the chances of a possible price rally.
Will DOGE reach 1 USD in 2022?
- According to our comprehensive technical analysis, it is predicted to reach $0.179 in 2022 at a minimum but could go as high as $0.19. The average trading price in the period will be $0.16.
- The price of the crypto is predicted to reach $2 at the lower level in 2023 and could rise to a maximum of $2.3. The token is projected to trade at an average price of $0.19.
- In 2024, our in-depth price prediction puts the crypto at a maximum price increase of $0.24 at a minimum of 70% jump from the current level. Still, DOGE could rise to as high as $0.26 in the same period, with the average price expected to be $0.22.
- The crypto is predicted to rise to a high of $0.27 in 2025 at a rather conservative feature, with the possibility of the price rallying to as high as $0.34 or a 137% increase from the current price. The token could trade at $0.23 on average.
DOGE past price analysis
The crypto is currently ranked by CoinMarketCap as the twelfth most valuable crypto, with a market cap of $18,550,105,111.15. There are currently 132.67 billion circulating tokens from an uncapped supply of 132,670,764,300.
Dogecoin launched with no pre-mine. The token turned inflationary in 2014 when the original token supply cap of 100 billion was removed. DOGE tokens are produced by mining blocks, where the block rewards are fixed at 10,000 DOGE per block. One block is mined every minute.
From the latest price data, it is currently trading at $0.1433 after a jump of 5.61% in the past 24 hours and, similarly, an increase of 7.79% in the past week.The crypto price has also surged by 10.23% in the last month from an initial price of $0.13. The past three-month price outlook shows a decline of 15.7% from a high of $0.17 in the asset. The token has jumped by 155% in a year, while the all-time price chart shows a 79% plunge from the ATH of $0.6848 in July 2021.
Want to buy DOGE?
Dogecoin is listed in major cryptocurrencies, including Binance, Gate.io, Coinbase, KuCoin, and FTX. The token is tradeable against USDT, BUSD, BNB, altcoins, and fiat. Follow these steps if you wish to buy DOGE using USDT on Binance.
Step 1. Open an account.
Step 2. Buy USDT using bank deposit, credit/debit card payments, peer-to-peer trading, or third-party payments.
Step 3. Go to the spot market and select the DOGE/USDT pair.
Step 4. Exchange USDT for DOGE.